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Vultures have already begun circling the euro zone, waiting to feast on countries no longer interested in sticking to the single currency adventure that is the euro.

While all euro zone countries have probably considered a world in which they once again manage their own currencies, most have probably not considered jumping into bed with a new union agreement. This has not stopped Russian authorities from floating the idea of a "Eurasian Union" between Russia and some of its former satellites, a prospect that brings back memories of the Cold War.

Vladimir Putin, the once president and future president-in-waiting of Russia, floated the idea of a "Eurasian Union" in October. The union would ostensibly have an economic focus similar to the eurozone, though one would have to imagine Russia taking the lead politically and economically, similar to its role during the Cold War.

Putin's initial interest is in Kyrgyzstan, Tajikistan, Belarus, Kazakhstan, and Russia, but his views on the USSR and it's separation encourages the idea that the purposed Eurasian Union could be made up of all former Soviet Union Stats of including Armenia, Azerbaijan, Estonia, Georgia, Latvia, Lithuania, Moldova, Russia, Turkmenistan, Ukraine, and Uzbekistan.

If this Eurasian Union were to exist, there would not be a struggle for dominance like the EU has seen between France and Germany. Russia has already formed a customs union back in 2010 with Belarus, Kazakhstan, integrating their economies and reducing restrictions on the movement of goods across their borders. Kyrgyzstan has indicated that it intended on joining the customs union as well.

The combined GDP of Kyrgyzstan, Belarus, Kazakhstan and Russia was $1,680 billion in 2010, with Russia making up the lion's share ($1,480 billion). For comparison, the current 17 members of the eurozone's GDP totaled close to $12,200 billion in 2010. (For related reading on the euro, see 5 Economic Reports That Affect The Euro.)

Is It Possible?

Could the Eurasian Union be created without the dissolution of the European Union? Unlikely. According to the Maastricht Treaty, the 27 members of the EU are required to adopt the euro, save for the United Kingdom and Denmark. Two countries, Latvia and Lithuania, are former members of the Soviet Union, and thus would have to break the Treaty in order to join a Eurasian Union.

According to the IMF, here's how the Eurasian Union proposed 15 members would look in 2011, including Lithuania and Latvia:

GDP: About $2,56 billion ($663 billion without Russia)

Population: 288 million (146 million without Russia)

And here's how the European Union would look today, excluding Lithuania, Latvia, Denmark and the United Kingdom.

GDP: Approximately $15,000 billion

Population: 426 million

Making It Matter

In order for a Eurasian Union to really matter, it will need to expand its membership to include countries with more economic clout, but this won't necessarily require bringing the old gang back together. Russia most likely won't face membership competition from the EU along its southern borders, meaning that the battleground states will be in Eastern Europe and the Black Sea region.

The EU has already recognized this, creating the Eastern Partnership in 2009 in an effort to reach out to Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine – all former members of the Soviet Union.

One of the main goals of an EU expansion eastward or Russia's Eurasian Union effort will be the pursuit of oil. Both groups will complain about the sphere of influence infringement, but at the end of the day the geographic prominence of the former Soviet countries will be the prize. Azerbaijan sits on the Caspian Sea and produces 651,700 bbl/day, but has to go through either Georgia or Turkey (another EU hopeful) in order to reach the Black Sea and world markets. Several European countries, including powerful Germany, are already under the thumb of Russia in terms of access to energy, especially of natural gas. A completed Eurasian Union could control up to 33% of the world's proven natural gas reserves (Russia currently has 25%).

The biggest winner of a Eurasian Union may be Gazprom (OTCBB:OGZPY), the world's largest natural gas company and one primarily controlled by the Russian state. The company has been actively seeking new opportunities, but most of the current targets are in northern Russia or the Barents Sea. A Eurasian Union could allow it to use Russia's regional clout to help it expand its interests into Kazakhstan, possibly by further entrenching itself with KazMunayGas, Kazakhstan's state-owned energy company.